Tweet
It's tax (estimation) time! I've added all of our #'s into TurboTax for 2017, and have learned 2 things. (The wages, taxes, withholding, mortgage interest, taxable account income, etc are estimated for the rest of the year, but nothing difficult to compute.). We own the house we expect we'll be in for a decade or 2. Mortgage interest is significant, but so is the peace of mind in our backyard.
I've been working a real job for many years, however 2017 is the first year my spouse will be earning an attending salary. We have some other income (rental income, tiny tiny 1099, etc). We made good progress, but haven't yet filled both of our HSAs (we each have one), nor 401k/403b/401a 's. We've given some to charity, but often see how our budget (and tax situation) look at the end of the year.
1. We'll owe AMT (for the first time) in the amount of: $820
2. We'll owe $5,777 in federal taxes.
Does anyone have suggestions on:
1. How to reduce taxes and AMT?
2. How to avoid penalties this year (and/or next)?!?
3. If penalties for underpayment, is the easiest way to resolve just to write a check to the IRS?
4. If we have room left in an HSA, can we just transfer funds to hit the max there too?
I've been working a real job for many years, however 2017 is the first year my spouse will be earning an attending salary. We have some other income (rental income, tiny tiny 1099, etc). We made good progress, but haven't yet filled both of our HSAs (we each have one), nor 401k/403b/401a 's. We've given some to charity, but often see how our budget (and tax situation) look at the end of the year.
1. We'll owe AMT (for the first time) in the amount of: $820
2. We'll owe $5,777 in federal taxes.
Does anyone have suggestions on:
1. How to reduce taxes and AMT?
2. How to avoid penalties this year (and/or next)?!?
3. If penalties for underpayment, is the easiest way to resolve just to write a check to the IRS?
4. If we have room left in an HSA, can we just transfer funds to hit the max there too?
Comment